Some student banking accounts will offer
tiered overdraft amounts, meaning the overdraft offering will increase with each year of your studies.
You can also set up an Overdraft Protection Sweep.2 This service links your checking account to a People's United savings account that you own and will automatically transfer money to your checking account at the end of each Business Day to cover your
total overdraft amount for a low fee of $ 10.00 per transfer.
The prepaid card issuer must make sure that the consumer has the ability to pay back
the overdraft amount, and is given a reasonable time for repayment.
If you can make a deposit covering
the overdraft amount and the fees, bringing your account back to a positive balance relatively quickly, this will probably be the end of an unpleasant incident.
If you do happen to overdraw your account, deposit the necessary funds into the account as soon as possible to cover
the overdraft amount plus any fees and daily charges from your bank.
If you link your credit card to your checking account,
any overdraft amount becomes a cash advance on your credit card.
Another thing to think about with student bank account comparison is the difference between a guaranteed
overdraft amount, and an «up to» overdraft amount.
An Overdraft Transaction Fee of $ 10 or 3 %, whichever is greater, will apply on
the overdraft amount, if applicable.
They need to pay the interest on
the overdraft amounts only.
If you have a consumer deposit account, you can use the available balance on your qualifying credit account with the Bank to fund
any overdraft amount automatically.
Others will charge you a hefty penalty fee or a penalty interest rate on
the overdraft amount.
Each processing day after all transactions have posted to your checking account, if the available balance in the account isn't sufficient to cover all of the transactions, a transfer is automatically made from the Line of Credit to your checking account to cover
the overdraft amount.
An Overdraft Transaction Fee of either $ 10 or 4 %, whichever is greater, will apply on
the overdraft amount, if applicable.
The overdraft amount is usually within the surrender value, which of course, keeps increasing with every premium paid.